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Microsoft Word - 7 BSBFIM601 AT 1 – Practical Assessment Information V1.0.docx BSBFIM601–Practical Assessment Information 1 Version 1.0 – May 2016 Southern Cross Education Institute BSBFIM601 Manage...

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Microsoft Word - 7 BSBFIM601 AT 1 – Practical Assessment Information V1.0.docx
BSBFIM601–Practical Assessment Information 1
Version 1.0 – May 2016
Southern Cross Education Institute

BSBFIM601 Manage Finances
BSB60215 Advanced Diploma of Business
Information for students for Assessment Task 1 – Practical
Assessment

Assessment Task 1 – Practical Assessment
Instructions for
completion

• You are required to answer all questions in Assessment Task 1 – Practical
Assessment
• Answers are required to be typed and converted into a PDF and uploaded through
Moodle by the due date.
• Word count is 300 words +/- 10%
• Use of co
ect grammar and spelling is required to demonstrate foundational skills
• Use of APA referencing must be used where original sources other than your own
have been used – to avoid plagiarism
DUE DATE • The traine
assessor will inform you of the due date

Part A - Report on Financial Position and Budget for Bounce Fitness
SCENARIO:
You have recently been employed by Bounce Fitness as part of their Finance Team. Part of your job
equires you to help manage the finances of the organisation. As such, you have been asked to develop a
eport on Bounce Fitness's financial position and present this to your manager (assessor).
For this task you are required to access the Bounce Fitness website to access and print financial documents
of the organisation. Financial reports for Bounce Fitness are available through the following link:

http:
ounce.precisiongroup.com.au/performance/head-office-cairns
You are required to prepare a report based on the reports you have accessed:
a) Review the financial data of all the four
anches and of the Head Office and, identify and analyse
areas that have generated a profit or loss. What could be the reasons and suggest for possible
improvements.
) Review the Financial and Budget Policy, Business Plans, Key Performance Indicators and discuss
whether the goals of these documents are being met.
c) Review the cash flows of Bounce Fitness Centres. Are they sufficient to maintain the Centres or
should changes be made? If you recommend changes, discuss what actions you would recommend
the possible impact it would
ing.
BSBFIM601–Practical Assessment Information 2
Version 1.0 – May 2016
Southern Cross Education Institute
d) List a number of organizational requirements documents available that you have reviewed for the
purpose of preparing budgets.
e) Review the statutory requirements of the Australian Taxation Office and discuss whether they are
eing met efficiently. Make recommendations.
f) Based on the information gathered, evaluate and recommend improvements to the overall
financial processes in Bounce Fitness.

Please Print and include all documents you have used from the Bounce Fitness website in the Appendix
section of your report.

Part B - Prepare Payroll Budget for ABC Ltd.
Prepare Payroll budget for ABC Ltd for the next quarter Jan to March 2016. The following data can be used
to prepare the budget.
• Salary for the Production Manager is $ 108,000 p.a. He is likely to get a hike from the month of
Fe
uary of $12,000 p.a.
• Accountant is getting a salary of $ 600 per week but he had taken a loan from the company for which $
200 are deducted every month.
• Marketing Manager is getting a salary of $ 3,500 per month and on the top he gets 1% ove
iding
commissions from the Total Sales. The anticipated Sales figure for the next quarter is: January
$250,000, Fe
uary $200,000 and for the month of March $225,000.
• There are five (5) technicians and are scheduled for a pay increase in the month of March of $100 per
month. Cu
ently, they are getting a salary of $450 per week.
• There will be five (5) weekly pay periods in the month of January and 4 weekly pay periods in the
month of Fe
uary and March.
• Due to a busy work schedule, Technician-2 will be required to work an extra $200 of overtime for each
month of January. Fe
uary and March.
• Due to a busy work schedule, Technician-4 will be required to work an extra $200 of overtime in
January and $400 in March.
• Employees are entitled for 9% superannuation which the company deposits to BT Super on 31 March
2016.
BSBFIM601–Practical Assessment Information 3
Version 1.0 – May 2016
Southern Cross Education Institute
You may use the following template to prepare the budget or can draft your own template.
PAYROLL BUDGET
Jan Feb March

Production Manager
Accountant
Marketing Manager
Technician-1
Technician-2
Technician-3
Technician-4
Technician-5
Superannuation
Total Payments


What to submit for assessment
1. Prepare a financial report covering requirements a to f (Part A)
2. Payroll Budget for ABC Pty Ltd. (Part B)










Microsoft Word - 7 BSBFIM601 AT 2 – Written Assessment Information V1.0.docx
BSBFIM601–Written Assessment Information 1
Version 1.0 – May 2016
Southern Cross Education Institute

BSBFIM601 Manage Finances
BSB60215 Advanced Diploma of Business
Information for students for Assessment Task 2 – Written
Assessment

Assessment Task 2 – Written Assessment
Instructions for
completion

• You are required to answer all questions in Assessment Task 2 – Written
Assessment
• Answers are required to be typed and converted into a PDF and uploaded through
Moodle by the due date.
• Use of co
ect grammar and spelling is required to demonstrate foundational skills
• Use of APA referencing must be used where original sources other than your own
have been used – to avoid plagiarism
DUE DATE • The traine
assessor will inform you of the due date

In this assessment, you must demonstrate your understanding on budgets and reporting requirements. You
shall use the relevant Australian, international and local legislation and conventions. You shall also be
aware of the requirements of the Australian Tax Office, including Goods and Services Tax, Company Tax and
PAYG systems.

As part of this assessment, you need to write down the answers for the following questions and submit to
your assessor. Your assessor may also need to ask you to answer any of these questions orally, to ensure
that you understand the work you have completed.

• Explain how you would improve the business performance of Brisbane Centre? Undertake research to
discover the possible causes for its previous performance. Review and analyse the business plan,
establish critical dates and initiatives that will generate revenue in the next financial cycle.
• What are suggested practices for
inging Cairns Centre into line with other Centres?
• Have all Centres reached their goals and objectives?
• What changes can be made to the cash flows?
• What should be covered in the contribution by the Centres to the Head Office?
• How could the overall financial position of Bounce Fitness be improved?
• What are the cash flow trends you can identify? Discuss.


BSBFIM601–Written Assessment Information 2
Version 1.0 – May 2016
Southern Cross Education Institute
• Establish a budget and allocate funds. In order to show your competency in this area, you are required
to:
o Use the budgets and allocate resources for next year. You may assume that any changes you
ecommend will be enacted immediately if legal and feasible. Make informed estimates for any
new items that are to be included in your budget if applicable.
o Prepare the budgets in compliance with both statutory and organisational requirements; you
may use the templates on the Bounce Fitness website under the Documents tab in the Finance
folder.
o What are the steps to establish budget and allocate appropriate funds?

You are required to print and include any documents you use from the Bounce Fitness website and
eference any other information for your Assessor.



What to submit for assessment
1. Responses to questions 1 to 9.

Microsoft Word - 7 BSBFIM601 AT 3 – Project Information V1.0.docx
BSBFIM601–Project Information 1
Version 1.0 – May 2016
Southern Cross Education Institute

BSBFIM601 Manage Finances
BSB60215 Advanced Diploma of Business
Information for students for Assessment Task 3 – Project

Assessment Task 3 – Project
Instructions for
completion

You are to refer to the Bounce Fitness Documentation that was used during Assessment
Tasks 1 and 2. The same documentation will be required for this Task.

Part 1:
• Read this assessment task and complete all requirements.
• Presentation must be in PowerPoint - a minimum of eight slides
• Presentation should be engaging to ensure it holds audience attention
• Presentation is 15 minutes in duration with an additional five minutes for questions
and answers
• You are also required to convert your PowerPoint slides into a PDF and uploaded
through Moodle by the due date.
• Use of co
ect grammar and spelling is required to demonstrate foundational skills
• Use APA referencing when using or quoting other sources

Part 2:
• Read this report assessment task and complete all the requirements.
• Your response is required to be typed and converted into a PDF and uploaded
through Moodle by the due date.
• You are to work in pairs for this report assessment
• Word count is 500 words +/- 10%
DUE DATE • The traine
assessor will inform you of the due date

Continuing from your earlier report as well as the Bounce Fitness Documentation that was used to
complete Assessment Tasks 1 and 2, the same documentation will be required for this Task. Bounce Fitness
documentation can be found below:

http:
ounce.precisiongroup.com.au/performance/head-office-cairns/
Part 1
Bounce fitness is planning to open a new centre at Adelaide. You have been given some additional
information:
• The new centre is 50% capacity of Brisbane centre.
• Income from casual attendance is 30% of Brisbane centre for the first 6 months and increases to
40% of Brisbane centre.
BSBFIM601–Project Information
Answered Same Day May 29, 2020 BSBFIM601 Training.Gov.Au

Solution

Aarti J answered on Jun 01 2020
134 Votes
Bounce Fitness Cente
Bounce Fitness Cente
Budget and Resource Allocation
Analysing the KPI’s
Analysing the organization
Analysing the issues faced by the company
Analysing the financials of the company
Analysing the cu
ent as well as the previous goals
Analysing the major areas for Revenue and expenses
Analysing the goals for the next year
Budget Circulation
Budget will be circulated across all the centres through the e-mail and printed
ochure
Analyse and discuss the budget in the Annual general meeting
Giving a
eakthrough analysis of the budgets...
SOLUTION.PDF

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